Inflation Cyprus 2023
Average inflation: 3.6%
Current Inflation
Inflation is high at 3.6%, well above the ECB target.
Peak and Trough
The highest inflation was in January at 7.1%. The lowest inflation was in July at 1.5%.
- Highest month
- January: 7.1%
- Lowest month
- July: 1.5%
- Difference
- 5.6 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 7.8%. The lowest price increase was in Energy with an average of -0.6%.
- Highest increase
- Food: 7.8%
- Lowest increase
- Energy: -0.6%
Historical Context
Current inflation is 0.8% higher than the 5-year average of 2.8%.
- 5-year average
- 2.8%
- 10-year average
- 1.1%
- All-time high (2022)
- 8.4%
- All-time low (2015)
- -2.1%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -4.8 percentage point.
- Change vs. previous year
- -4.8 percentage points
- Largest monthly swing
- July: -9.4 percentage points
ECB Target
Inflation is 1.6% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €103.60 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 7.1% | +1.7 |
| February | 6.7% | +0.1 |
| March | 5.8% | -1.3 |
| April | 3.7% | -5.1 |
| May | 3.0% | -6.1 |
| June | 1.9% | -7.7 |
| July | 1.5% | -9.4 |
| August | 2.6% | -6.3 |
| September | 4.0% | -4.7 |
| October | 3.5% | -5.3 |
| November | 1.7% | -7.0 |
| December | 1.6% | -6.3 |
| Average | 3.6% |
Data source
Data from WorldBank. Last updated: 06/01/2026.